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2. Explain the economic philosophy of the Physiocratic school of thought. What did they consider to...

2. Explain the economic philosophy of the Physiocratic school of thought. What did they consider to be the ultimate source of all wealth? Which classes did they think were productive, which ones did they consider unproductive? Why? What were their thoughts on monarchy and democracy? Why did they advocate a single tax on rent? Why? Elaborate.

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Ans2. Physiocratic school of thought were believivg that wralth of nations can be enhanced. Only by increase in the agricultural produce as the source of income. So agricultural produce was the wealth. Agriculture class were thought of as productive and rest unproductive. Because whole wealth of a naation can be accumulated only agriculture. May be they were of the view of monarchy and advocated single tax on rent because of easiness to collect taxes in monarch set up.

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